Anglo-Gulf Trade Bank Leads The Piloting Of The Newly-launched APIX Platform At The Singapore Fintech Festival

This morning the Prime Minister Narendra Modi has presented API Exchange (APIX), the world’s first cross-border, open-architecture online marketplace and sandbox which will allow fintech businesses and financial services providers to connect to one another through a globally curated marketplace.

The ASEAN Financial Innovation Network (AFIN) and the Headquaters of AGTB, Abu Dhabi Global Market (ADGM), have showcased the connectivity between the two platforms. Pilot test includes Anglo-Gulf Trade Bank which extends trade financing to a Singapore-based seller of goods for the purposes of simulating a UAE-Singapore trade transaction. AGTB uses the ADGM Digital Sandbox to connect via APIs to the APIX platform to source FinTech start-ups to perform due diligence on the Singapore-based seller, as well as to make the subsequent loan payment.

The initiative will bring together financial institutions and fintech companies between the MENA region and the Asia-Pacific.